The overall economic position for the first quarter 2018 highlights the significant impact of debt owed to UK companies.
This weekend will mark the 90 day anniversary of the collapse of Carillion, but despite some insolvencies the predicted catastrophic wave of insolvencies hasn’t materialised yet.
At the moment it seems like every time you turn on the TV or listen to the news there is another well known company announcing it is going in to a CVA.
The Times article ‘Increased strain on supply chain highlighted by insurance payouts’ (16th March 2018) focuses on payments made by Credit Insurers in 2017, equating to £4.3 million per week.
In recent weeks, several high street restaurants have either undergone or are in the process of restructuring to manage their growing debts to creditors.
Businesses advised to consider credit insurance as part of their bad debt strategy due to an increasingly uncertain trading environment.
The ABI estimate that only £31m out of a £1bn total debt would be paid out in claims to suppliers and sub-contractors of Carillion.
Following the £1.5bn failure of Carillion on the 15th January, it is estimated up to 30,000 smaller firms may be owed money.
Steve Vickers, Tax Partner at Hart Shaw is presenting an overview of the recent budget statement at January’s Sheffield City Region Breakfast Club.
The acquisition of Henderson Insurance Broking Group (including Acumen Credit Insurance Brokers) to Aon completed on the 1st December 2017